WSJ Wealth Adviser Briefing: Adviser Ad Rules, Last Call for Some Bars, Missing Business Travel

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The SEC on Tuesday approved a new marketing rule for financial advisors that accounts for technological changes that have occurred in the decades since the agency last adopted regulations on the subject.

The rule, proposed in late 2019, broadens the definition of advertising to include communications of all sorts, squaring regulations with the reality of the internet and social media. In the past, advisors have tread carefully with internet communications, relying on a patchwork of guidance from the SEC.

The new regulation also allows financial advisors to use testimonials, endorsements, and third-party ratings to woo potential clients, as long as they meet certain conditions.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.


Businesses Feared a Flood of Covid-19 Lawsuits. It Hasn’t Happened.: Personal-injury claims over infections are either too hard to prove or get funneled into the workers’ compensation system.


Bitcoin’s Rally Has Already Outlasted 2017’s Epic Run: Bitcoin approached $20,000 in 2017 and finally topped the mark in 2020. What drove the rallies, and what happened in the days following the peaks, show how much the market has changed in three years.


From Dow Jones Newswires

China’s national demand for thermal power will likely remain high throughout this winter, as the latest monthly demand growth in November accelerated significantly from October, Citi says. It expects demand growth at a high-single-digit percentage for December, supported by rising industrial and residential electricity usage amid the cold weather. Moreover, a lack of alternative power sources such as wind and hydro power during the winter season would further underpin coal-fired power demand, Citi adds. Still, it advises investors to avoid thermal-power stocks, as these producers’ profitability might take a hit from climbing coal costs in 4Q. (

The prospect of high returns investing in Europe’s carbon market has drawn established commodities players into the carbon market. Banks such as Morgan Stanley and trading houses such as Andurand Capital and Trafigura have all entered or expanded their positions in the carbon market in recent months. Casey Dwyer, a portfolio manager and analyst at Andurand Capital, says his firm was initially interested in carbon only as it affected broader energy markets. “Over the last year, we’ve become interested in the underlying price dynamics of the market and that speaks to the extent to which the market is growing and becoming more mature,” Dwyer says. (; @davidhodari)


TIFF Investment Management’s Parry Weighs In on Lower Midmarket Investing: Smaller businesses have offered investment opportunities triggered by disruptions caused by the coronavirus pandemic, and Brendon Parry, who oversees TIFF Investment Management’s private markets program, doesn’t expect that to change once it has been contained.


Agriculture Industry Bets on Carbon as a New Cash Crop: Big companies and startups jockey to pay farmers for capturing greenhouse gases in fields; environmental groups question impact.


For Many Bars, Christmas Could Be Last Call: The U.S. bar industry, slammed by the pandemic, feels the pain of the holiday without the merry.


Business Travel Was Terrible — and I Miss It So Much: A newfound appreciation for long waits at airports, bland rental cars and rooms without views.


The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron’s, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here for email delivery.

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